So, CLF offered up a price to purchase US Steel outright for $17.50 + 1.023 /s of CC stock. Would this translate to a $17.50 special dividend per share for current holders + shares in the other company valueing it around $35/ps, or would that have been a negative for stock holders with X's current share price of $22.72 and you'd be compensated effectively with 1.023 shares of Cleveland-Cliffs? Now, X rejected the offer saying they can get better somewhere else, so I am curious how to understand that previous offer and what it would have meant for shareholders.
edit: i do not have a position in either at this time.
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